Revenues rise at energy resources location company despite challenging backdrop

Energy resources locator, Getech, says it achieved significant progress in 2024 despite running into a tougher than expected trading environment at the start of the year.

Publishing its final results for the 12 months ended 31 December 2024, the business reports revenue up 16 per cent to £4.7m (2023: £4m) with pre-tax losses narrowing to £1.5m (2023: £5.1m loss).

The Leeds-headquartered firm raised gross proceeds of £1.7m in August 2024 from new and existing shareholders to enhance working capital position and invest in its sales team.

And the sale of its office properties has enabled the group to repay all loans and become debt-free.

Michael Covington, chairman, said, “In 2024, we made solid progress in advancing our services and solutions, achieving a 16 per cent increase in sales.

“In 2025, the appointment of Chris Jepps as CEO has already had a positive impact. Within the first three months of the year, we’ve reduced our annual cost base by a further £1m, without compromising our ability to deliver for clients, and in doing so have set a clear path to being EBITDA positive by the end of 2025.

“In parallel, the new executive management team has introduced a new, sustainable, business strategy, which re-focuses the group on its traditional core Oil & Gas and Mining client base, while continuing to pursue high-quality, selective, opportunities in Natural Hydrogen.

“It is still early days, but the new team’s momentum is encouraging.”

The business says it remains excited about the potential of Natural Hydrogen.

It highlights a recent study by the US Geological Survey, which estimates there could be millions of mega-tonnes of Natural Hydrogen in accumulations in the Earth’s crust, a small fraction of which could potentially meet all global projected demand for hundreds of years.

Getech notes that its own data is ideal for locating potential hydrogen source rocks, which has helped the group build a strong presence in this nascent market and secure several contracts and partnerships.

The company adds that its unaudited revenues in the first three months of 2025 have been eight per cent ahead of the same period in 2024, driven by an expanded sales team and new management.